The pressure on Compliance to transform and innovate has never been greater. Growing consumer demands of banking services, the overwhelming prevalence of digital transformation across financial services, and an increasing number of regulations are all compounding this pressure.
"For too long compliance has been left unchallenged and unchanged. It's outdated and old," said Eric Wu, Head of Compliance Technology at Revolut. "Across the finance industry, there's a lot of hearsay and no facts."
The message for banking and financial services, it seems, is clear: disrupt or die.
Although it's not a new message, it's one that carries mounting weight as technology continues to outpace talent in a function that's remained largely unchanged for the past two decades.
It's a challenge that's impacting the challenger banks too. That's the view of Sandra Quinn, Co-founder and Director of The Compliance Foundation, who says even the most successful fintechs are now struggling with legacy systems and processes as they find themselves several years down the track.
"There's a lot everyone can learn from each other - I can think of challenger banks already struggling with legacy," said Quinn. "The real focus and pressure from regulators is in retail banking and this is where things really get slowed up. The fintechs can also learn those lessons."
So how do banking and financial services firms alike ensure their compliance is robust and fit-for-purpose in the year ahead? Here are three questions you should be able to answer from the outset: